Anti-dummy raps mulled vs Japanese owners of Solar I

November 17, 2006

By Tetch Torres
INQ7.net, Nov. 17, 2006

THREE Japanese incorporators of Sunshine Maritime Development Corp. (SMDC), the company that owns the M/T Solar I whose sinking triggered the Visayas oil spill, have been given until the end of the month to explain to the Department of Justice (DoJ) why they are not liable for violation of the Anti-Dummy Law.

The deadline was given after Mototsugu Yamaguchi, Hiromi Irishika and Tomoki Tsubomoto, together with Dionisio Parolan and Angelita Buenaventura, failed to appear and submit their counter affidavits during Friday’s preliminary investigation into the case.

Only Hiroyasu Yamaguchi, the Japanese chairman of the board and treasurer of SMDC, and Filipino incorporators Robert Mena, Clemente Cancio and Gregorio Flores submitted their counter affidavits.

The DoJ began its formal inquiry after the National Bureau of Investigation (NBI) found that the three Japanese may be liable for violation of the Anti-Dummy Law.

The Anti-Dummy Law limits foreign ownership of properties and certain businesses, such as that engaged in by SMDC, to 40 percent.

Investigation showed that P4 million of the company’s P5 million paid-up capital was supposedly put up by the Japanese shareholders. They also questioned how the company could have operated a tanker on such a capital.


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